Masters Bars

Masters Bars is an indicator that plots a line over High and Low of the last Master Bar.

A Master Bar is defined as the decisive candle that exceeds the last decisive candle High-Low range.

This helps traders to see if the chances for trend continuation improve or the chances for a trend reversal increase when Masters Bars range is broken.

Masters Bars include an Alarm function that produces a sound, or even can send an email and/or push notification depending up what you have configured in your terminal (Tools/Options).

The alarm function also have a threshold level to avoid false alarms due slight or over-extended cross.

For owners of Control adora EA, Masters Bars includes the capability to set its levels as trade levels by using the ss or bs price arrows.

Indicator Parameters

• Set bs and ss on crosses (for Control-adora) - Set as true if you own a Control adora Expert Advisor and want to set a trade level based up on MastrersBars.
• Level Line Prefix - Sets the first part of the name of each MastersBars' level (useful when use more than one instance of the indicator to plot several timeframes MastersBars).
• Time frame - Set the timeframe to calculate the MastersBars' levels.
• Search for what kind of trades - This allow you to choose among the following choices for the alarm and (if applicable) Control adora's (bs or ss) arrows:
• Both - alerts you in each cross of the MastersBars levels.
• Buys - alerts you in the bullish crosses of the MastersBars levels.
• Sells - alerts you in the bearish crosses of the MastersBars levels.
• Minimum Threshold to alert - Sets the minimum distance that the closing bar that crosses the MastersBars levels should exceed the MastersBars' range (High - Low).
• Maximum Threshold to alert - Sets the maximum distance that the closing bar that crosses the MastersBars levels should exceed the MastersBars' range (High - Low).
• Color lines - Sets the color of the plotted lines.
• Minimum minutes between alerts - Sets the minutes that should pass after an alert to set a new alert.
• Alarm interval in seconds - Sets the seconds between each alarm sound.
• Alarm Iterations - Set the number of alarm repetition for each alarm event.
• alert on Close Candle - Set as true if you want the alerts be active after a candle close crossing the MastersBars levels. Set as false if you want to activate the alert as soon as a Masters Bars level is crossed by actual Bid price.